MaidSafeCoin (MAID) - Price & Trading topic (Part 1)

[19eddyjohn75]

- YouTube

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[anon40006692]

Maybe it has already been said somewhere here in this forum, but is Maidsafe invested in BTC with its funds? Is this somewhere written how Maidsafe diversifies its funds?

[Sotros25]

@anon40006692

but is Maidsafe invested in BTC with its funds?

The short answer is likely yes, but MaidSafe for valid reasons doesn’t share specifics. See below.

@dirvine

A lot of our reserves are held in crypto currency. So it is something to be aware of of, as you would expect. We also hold reserves in several fiat currencies to hedge against any brexit issues with sterling.

Maybe Maidsafe should consider the elaboration of business plan in a context of a bitcoin multi-year bear market, just in case.

@dirvine

We do that and much more We have various advisors and board members who look at this all the time. We have plans for ±50% values on all assets and how that affects runway, funding needs and more. These always of part of the board meetings and debate. Andy for instance was SUN microsystems CFO advisor and more. Apart from that legal advice from a Hansard level lawyer and they are all investors as well. So huge amounts of time and effort go into very deep thinking about this with charts to allow accurate reporting.

@dirvine

We certainly will sell some coins and use them for many reasons. We won’t say when they are being sold though as it would be seen as manipulation. If people want to guess or surmise I think it’s fine.

[anon40006692]

Thanks for your answer! Will take a look

[Cryptoskeptic]

It’s all in the annual financial statements lodged with Companies House in the UK

[dask]

Indeed, I couldn’t help myself and bought twice this week. 4B MAID in a fully diluted network means that 4000 now is the equivalent of 21 BTC or 100 ETH in terms of market share. You can still get that ticket for the measly price of $440 USD.

[Cryptoskeptic]

Just one mention of vaults from home sorta working and there is an immediate tick up. Imagine what’s to come

[anon40006692]

On coinmarket the maidsafecoin page is down? Someone else?

[Dimitar]

It’s working for me

[786mra]

What the headline claims may be true, from this guy’s track record I’m sure he’s planning a new scheme like the regular Palm Beach Confidential pump and dump he was running a few years ago.

[RedPill22]

Question on the token conversion. I think I read that when MaidSafe Tokens are converted to SAFECOIN, it will convert 1-for-1. If I have mine in a wallet as MaidSafe Tokens, what actions do I need to take to convert them and start the process of acquire/sell/trade/swap/use?

[davidpbrown]

There’s a number of ways it could be done… I’ve not seen it confirmed yet.
Given the Omni token that is MAID is visible on the BTC blockchain, one option would be to see them sent to a burn address trigger the conversion. There are known burn addresses - ones you can send to that provably no-one can own. Noting what address sent to that burn address could be an auto conversion… perhaps with a signature of the private key from that sending address then confirming the SAFE network address they want credited. This is off the top of my head … I expect there’s some thought already about how it’s done. Another would be assistance from the Omni devs or omniwallet. Given that no process will see everyone alert to the change, it’ll likely have to be done by choice… so, when a user is confident in the network they choose to convert… or perhaps it simply will be that all exchanges switch and like a bank convert what they receive… or some other idea.

[Southside]

I have had some (painful) experience with coin conversions and burn addresses.
In danger of stating the bleeding obvious here but

• The proposed process must be tested, tested then tested some more

• The process must be utterly transparent and well documented with howtos, videos and travelling puppet theatres explaining everything in excruciating minute detail

• Every effort must be made to track down ALL holders of Maidsafe tokens and inform them of their right to swap tokens

• The process should be agreed (by who?) and announced at least a month before going live.

• If at all feasible the migration process should be available in perpetuity, if not then it must run for at least a year.

I learned the above from bitter experience of coming in after a botched migration of the original “coloured-coin” Scotcoin to the version now on CounterParty protocol. For literally years afterwards I was having to explain to people that because of a rushed botched migration by the originator of Scotcoin, their original coins were lost and there was nothing we could do to help them. I may not know a lot about migrating coins but I am well clued up on how NOT to migrate a coin.

[davidpbrown]

tldr; there are alsorts of ways of doing it wrong.

@Antifragile

The best bullet proof 100% correct way is just to anounce that on same bitcoin block number MAID token will stop to exist.

That’s a good thought… as Omni devs can action a stop on #3 transactions occuring beyond that point.

[Southside]

Too true, the original guy who ran Scotcoin managed to find mosst of them.

[Southside]

@davidpbrown

hat’s a good thought… as Omni devs can action a stop on #3 transactions occuring beyond that point.

I know very little of the Omni protocol but if this true then I am not a fan…
How can they be trusted to always act fairly? Sounds VERY dodgy.

If we ever get the funding together to relaunch Scotcoin then one of the problems we will face is that we will NEVER be able to kill off the CounterParty version. It will always be viable as long as the main BTC blockchain has a couple of active nodes and someone can run a CounterParty node to hook into it.

Hence a LOT of planning has gone into carrying out a migration safely and transparently.

[davidpbrown]

omg stop dwelling on the negative!.. it’s lazy.

There are many ways to do the conversion…

[Southside]

I’m not being negative about the migration - its a very handy feature - for our purposes - I was talking generally about the protocol devs having that power - and responsibility

[anon40006692]

What I am really thinking of is lets say there is a really rich guy one of those who does not care about €100k or more and then there is a project like maidsafe with something groundbreaking like the safenetwork. Why is someone not investing in such a project? The chance to make really huge profit is enourmos…

[Knosis]

It’s ultimately because they are not aware of the project and the implications. If it were pitched to them they’d sink some money in it. Of course I’m just speculating. As things progress people will notice. We are very close. The last mile. I’d guess we have Flemming around New Years. Once this happens those guys with the 100k will be dumping money in to see what happens.